Overview
Harmony Energy Income Trust aims to provide investors with an attractive and sustainable level of income returns, with the potential for capital growth, by investing in commercial scale energy storage and renewable energy generation projects, with an initial focus on a diversified portfolio of battery energy storage systems located in Great Britain.
You can access the company’s website here
Fundamentals
Price
Research History
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26 Apr 2024 11 min read
QuotedData’s Investment Companies Quarterly Review – First quarter of 2024
First quarter of 2024 Investment Companies | Quarterly roundup | April 2023 Kindly sponsored by abrdn Equity rally belies difficult quarter for sector 2024 started on strong footing, with global equities (as measured by the MSCI All Countries World Index) rallying 9.2% over the first three months (in sterling terms). However, while there some standouts […]
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17 Oct 2023 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2023
Third quarter of 2023 Investment Companies | Quarterly roundup | October 2023 Kindly sponsored by abrdn ‘Uncomfortable’ Following a fast start to the first half of the year, globally equities took a breather in Q3, as markets assessed the implications of the worst bond sell-off in a generation. Yields on 10-year US treasuries and UK […]
News
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18 Oct 2024 1 min read
QuotedData’s morning briefing 18 October 2024 – HEIT, GABI
In QuotedData’s morning briefing 18 October 2024: Harmony Energy Income Trust (HEIT) has issued a brief update on its asset sale process. As previously announced, JLL has been appointed to seek offers for some or all of the Company’s assets and HEIT now says that it “is encouraged by the level of interest and non-binding […]
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12 Sep 2024 1 min read
QuotedData’s morning briefing 12 September 2024 – HEIT, HWG, BCPT, SERE, NRR
In QuotedData’s morning briefing 12 September 2024: Harmony Energy Income (HEIT) says its 99.8 MWh / 49.9 MW Hawthorn Pit project (located in County Durham) and its 66 MWh / 33 MW Wormald Green project (located in Yorkshire) have been successfully energised and are expected to be fully operational in the coming weeks. Its portfolio […]
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23 Aug 2024 1 min read
QuotedData’s weekly news show 23rd August 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Doric Nimrod Air Two (0:19) Harmony Energy Income (6:49) This week’s interview was with Craig Baker from Alliance Trust – watch it again here.
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1 min read
Harmony Energy Income confirms strong interest in its assets
Harmony Energy (HEIT) reported a 1.4% drop in NAV to £215.43m or 94.84p per share over the quarter to 31 July 2024. The decrease was mainly driven by a negative mark-to-market valuation of the company’s interest rate swap (-1.15p), partly offset by the positive revaluation of its Rusholme project following energisation (+0.30p). Target commercial operations […]
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01 Aug 2024 2 min read
QuotedData’s morning briefing 1 August 2024 – IIP, HEIT, RICA, CAL, RESI, PSDL, RCP
In QuotedData’s morning briefing 1 August 2024: Infrastructure India’s (IIP) nominated adviser has resigned. It doesn’t think that it can appoint a replacement. AIM Rule 1 provides it with one month to appoint a replacement nominated adviser. If no replacement nominated adviser is appointed within that timeframe, the admission of the company’s AIM securities will […]
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27 Jun 2024 1 min read
QuotedData’s morning briefing 27 June 2024 – HEIT, SBO, SCP, ADIG
In QuotedData’s morning briefing 27 June 2024: Harmony Energy Income (HEIT) announced its interim results for the six-month period ended 30 April 2024. The NAV total return over the period was 14.89%, while shares fell 57%. Schroder British Opportunities (SBO) announced the appointment of Justin Ward and Jemma Bruton as independent non-executive directors of the […]
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31 May 2024 1 min read
QuotedData’s weekly news show 31st May 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: • Foresight Sustainable Forestry (0:28)• Harmony Energy Income (4:17)• Special Opportunities REIT (7:14)• Aberforth Geared Value and Income (11:04) This week’s interview was with Nick Brind from Polar Capital Global Financials – […]
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30 May 2024 2 min read
No dividends from Harmony this year as it looks for buyers for some or all of its assets
Harmony Energy Income says its has cancelled the (previously postponed) first FY2024 quarterly dividend and does not anticipate being in a position to declare a dividend in line with the new policy for the remainder of the current financial year, although based upon current market forecasts it is anticipated that a covered dividend will be […]
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18 Apr 2024 2 min read
QuotedData’s morning briefing 18 April 2024 – APAX, CVCE, CVCG, HEIT, HOME, PCA, GRP
In QuotedData’s morning briefing 18 April 2024: Apax Global Alpha (through its interest in Apax XI) is investing about €36m in Zellis Group. Zellis is leading provider of payroll and HR software solutions to customers in the UK and Ireland and an emerging leader in the global benefits administration software market, serving approximately one third […]
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21 Mar 2024 1 min read
QuotedData’s morning briefing 21 March 2024 – GIF, HEIT
In QuotedData’s morning briefing 21 March 2024: Gulf Investment Fund (GIF) is holding its regular 100% tender offer. Shareholders holding shares at the close of markets on 26 March have until 1pm on 11 April to say if they want to tender their shares. Provided that the fund won’t shrink too much (less than 38m […]
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28 Feb 2024 12 min read
Harmony Energy Income makes huge leaps forward with portfolio
Harmony Energy Income Trust (HEIT) has announced its annual results for the year ended 31 October 2023. HEIT says that this period saw significant delivery and achievement of its goals and other targets set out at IPO, particularly in relation to delivery of projects through construction and commencing operations, but conditions in the energy storage […]
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08 Feb 2024 2 min read
QuotedData’s morning briefing 8 February 2024 – DGI9, BIPS, APAX, SYNC, HEIT, SHIP, AIRE, HLCL
In QuotedData’s morning briefing 8 February 2024: Digital 9’s (DGI9) sale of Verne Global may take longer than expected to close as the Icelandic anti-trust authority wants to look at the transaction. The company warns that this could add between 90 and 135 days to the wait for the final sign off of the deal. […]
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02 Feb 2024 1 min read
QuotedData’s weekly news show 2nd February 2024
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Batteries – Gresham and Harmony (0:56) • Digital 9 Infrastructure (9:40) Andrew McHattie explained how it has been a better month for growth stocks […]
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4 min read
Harmony Energy Income follows GRID in slashing dividend
Following a similar announcement from Gresham House Energy storage (GRID – click here to see our coverage of this from yesterday), Harmony Energy Income Trust (HEIT) has also issued a trading update ahead of the publication of its quarterly Net Asset Value update and audited annual results later this month. Like GRID, HEIT says that […]
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17 Oct 2023 1 min read
QuotedData’s morning briefing 17 October 2023 – HEIT, BBOX
In QuotedData’s morning briefing 17 October: Harmony Energy Income Trust (HEIT) announced the successful energisation of two BESS projects: the 198 MWh / 99 MW Bumpers project, located in Buckinghamshire; and the 99 MWh / 49.5 MW Little Raith Project in Fife, Scotland. Both projects were energised ahead of schedule and take the company’s total […]
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04 Sep 2023 1 min read
QuotedData’s morning briefing 04 September 2023
In QuotedData’s morning briefing 4 September 2023: Atrato Onsite Energy (ROOF) has implemented a revolving credit facility. The trust now has a three-year £30m line of credit available to it from NatWest, financed at 1.3% over SONIA. BBGI Global Infrastructure (BBGI) has announced that its investment in Highway 104 in Nova Scotia, Canada has achieved […]
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01 Sep 2023 1 min read
QuotedData’s weekly news update 1st September 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Harmony Energy Income (0:35) • Triple Point Social Housing (8:19) Andrew McHattie looked at the major NAV, price and discount moves over August (12:46). […]
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01 Jun 2023 1 min read
Battery projects up and running for JLEN and Harmony
JLEN Environmental Assets says that its first grid-scale battery project, the West Gourdie 50MW lithium-ion plant, has started commercial operations. The announcement notes that battery energy storage systems are playing an increasingly important role in the energy transition and the West Gourdie plant, situated in Dundee, Scotland, will provide critical balancing support to the GB […]
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23 May 2023 1 min read
QuotedData’s morning briefing 23 May 2023
In QuotedData’s morning briefing 23 May 2023: Harmony Energy Impact’s (HEIT) NAV was 6.7% lower at end April (117.1p, down from 125.5p at end January) after it cut the power price forecasts used in its NAV calculation. Aberforth Smaller Companies (ASL) has renewed its £130m revolving credit facility with The Royal Bank of Scotland International […]
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02 Mar 2023 1 min read
QuotedData’s morning briefing 2 March 2023
Cordiant Digital Infrastructure (CORD) says portfolio company České Radiokomunikace (CRA) has signed a 5-year agreement with blue chip pay TV broadcaster AMC Networks International. The agreement, effective from 1 March 2023, allows AMC channels that were up to now only available on subscription or via the internet to be broadcast. This was enabled by CRA’s […]
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24 Feb 2023 7 min read
QD view – In search of storage solutions
The need to decarbonise the global economy to address the myriad issues that are being created by climate change is now well understood. For this, a range of solutions is required but it is clear that for many economies, the UK included, renewables – primarily solar and wind but with smaller contributions from other technologies […]
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1 min read
QuotedData’s weekly news show 24th February 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Harmony Energy Income Trust (0:42) • NextEnergy Solar (8:10) This week’s interview was with Jean Hugues de Lamaze from Ecofin Global Utilities and Infrastructure […]
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23 Feb 2023 2 min read
Harmony Energy Income produces strong first set of results
Harmony Energy Income has published its first full set of accounts. These cover the period from its incorporation on 1 October 2021, through its IPO on 9 November 2021 and run up to 31 October 2022. The fund raised £210m at launch and by the end of October 2022 these assets had grown to £257.8m […]
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26 Jan 2023 2 min read
QuotedData’s morning briefing 26 January 2023
In QuotedData’s morning briefing 26 January 2023: Literacy Capital (BOOK) has published its quarterly trading and NAV update for the three months ending 31 December 2022. The NAV rose to 420.6p from 384.9p, contributing to a total NAV return of +9.3% in the last three months and +51.7% in the last twelve months. Portfolio companies […]
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15 Dec 2022 2 min read
Harmony buys three pipeline projects
Harmony Energy Income Trust has completed its £21.5m purchase of three ‘shovel-ready’ pipeline energy storage projects totalling 181.9 MW / 363.8 MWh, increasing the portfolio to nine projects with a total capacity of c.500MW / 1GWh. These deals were done under an agreement that the trust secured at IPO which gave it a right of first […]
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14 Oct 2022 1 min read
QuotedData’s weekly news show 14th October 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Taylor Maritime • Harmony Energy C share This week’s interview was with Jonathan Maxwell from SDCL Energy Efficiency – watch it again here.
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12 Oct 2022 3 min read
Harmony Energy Income C share raises £15m against “a very challenging market backdrop”
Harmony Energy Income (HEIT) has announced the results of its C share issue that was announced on 28 September 2022 (click here to see our coverage of this). HEIT has raised gross proceeds for the C share issue of around £15m, which will be used to fund the acquisition of projects in its pipeline (totaling […]
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07 Oct 2022 3 min read
QD view – Sweet Harmony
Harmony Energy Income Trust, the battery storage fund, recently launched a C share issue. The ‘problem’ is that its existing shares are trading on a discount – about 3% today, but were around 9% when they made the announcement on 29 September. I have put ‘problem’ in quotation marks because I don’t think that it […]
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29 Sep 2022 2 min read
Harmony Energy Income hoping to issue C shares
Harmony Energy Income Trust is proposing to raise capital via a placing of new C Shares at 100p per share to fund its pipeline of 2-hour duration battery energy storage systems. The company was launched on 9 November 2021 raising £210m (before expenses), and now has net assets of about £244m. The current portfolio comprises […]
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01 Aug 2022 3 min read
QuotedData’s morning briefing 1 August 2022
In QuotedData’s morning briefing 1 August 2022: Harmony Energy Income (HEIT) has completed the acquisition of the first pipeline project from Harmony Energy Limited: a 99 MW / 198 MWh energy storage project known as “Bumpers”. It has also executed contracts with Tesla for the supply, construction, maintenance and optimisation of the Bumpers project, with a […]
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04 Jul 2022 1 min read
QuotedData’s morning briefing 4 July 2022
In QuotedData’s morning briefing 4 July 2022: ScotGems (SGEM) has decided to put forward formal proposals to shareholders for a members’ voluntary liquidation of the company. Such proposals, if approved, would provide all shareholders with a full cash exit less costs. This comes after the company received notice to terminate its AIFM from First Sentier […]
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03 May 2022 2 min read
QuotedData’s morning briefing 3 May 2022
In QuotedData’s morning briefing 3 May 2022: BlackRock Energy and Resources Income (BERI) is asking shareholders for permission to issue more shares after an upsurge of interest in the trust meant that it has already issued all the shares that it was given permission to at the last AGM. Blackstone Loan Financing (BGLF) generated a […]
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19 Jan 2022 1 min read
QuotedData’s morning briefing 19 January 2022
In QuotedData’s morning briefing 19 January 2022: Harmony Energy Income (HEIT) has announced that construction for one of its seed portfolio projects, Pillswood, continues to progress well and that remaining seed projects are to commence construction with the planned timetable. The planning consent for the advanced project is now expected to be in February 2022, […]
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09 Nov 2021 2 min read
QuotedData’s morning briefing 9 November 2021
In QuotedData’s morning briefing 9 November 2021: AVI Global (AGT)’s asset manager says that “it and three other shareholders collectively owning over 18 per cent. of the ordinary shares requisitioned the [Third Point Investors (TPIL)] board on 2 November 2021 to convene an extraordinary general meeting (EGM) of TPIL at which shareholders will be asked […]
Upcoming Events
In The Press
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02 Aug 2024 1 min read
Deep Dive: Early signs of recovery drive cautious optimism for energy storage trusts
Valeria Martinez, Investment Week, 2 August 2024: Shareholders of London’s battery energy storage trusts have had to stomach severe volatility since the last quarter of 2023, but early signs of recovery are starting to provide grounds for longer-term optimism. The sell-off across the three London-listed energy storage trusts so far this year has reflected the […]
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10 Jun 2024 1 min read
Investment trust insider on GRID’s tie-up with Octopus
Investment trust insider on GRID’s tie-up with Octopus – James Carthew: Could Octopus stretch to a bid for battery funds? Following a ‘landmark’ deal with Gresham House Energy Storage, Octopus could do the same with for-sale Harmony Energy as its next contract in two years. Life in the investment companies sector continues to be eventful. […]
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19 Mar 2024 1 min read
Have investment trust dividend cuts created bargains?
by Dave Baxter, Investors Chronicle, March 19, 2024: While far from universally popular among investors, dividend cuts can sometimes be a blessing in disguise. They can drive share prices down to attractive levels while also allowing companies to put cash to better use. This is a premise that can feed into how some funds are […]
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18 Mar 2024 1 min read
The income-generating trust sector trading at ‘ridiculous discounts’
Tom Aylott, PORTFOLIO ADVISER, 14 MARCH 2024: Trusts investing in renewables and infrastructure were high in demand a few years ago when the runway for growth was seemingly endless, but it has been quite a different story over the past couple of years. Five years ago, infrastructure trusts were trading on an average premium to […]
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23 Feb 2024 1 min read
How to value investment trusts’ private assets
by Val Cipriani, Investors Chronicle, February 21, 2024: The valuations of private assets have increasingly come under scrutiny in the past two years, as inflation and higher interest rates sent listed company values on a rollercoaster but left the likes of private equity relatively untouched. Private investors typically get exposure to private assets through investment […]
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05 Feb 2024 1 min read
Investment trust insider on battery funds
Investment trust insider on battery funds – James Carthew: Blame imbalanced National Grid for battery funds’ woes In recent weeks, the share prices of the three battery storage funds have nosedived, more than reversing the modest gains they had made since it started to become clear that interest rates had peaked last October. Gresham House […]
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01 Feb 2024 1 min read
Gresham House Energy Storage scraps dividend in ‘challenging’ year
BY GAVIN LUMSDEN, Citywire Investment Trust Insider, 1 Feb 2024: Gresham House Energy Storage Fund (GRID) has scrapped its fourth quarter dividend, blaming grid connection delays and under-utilisation of battery balancing mechanism for falling UK revenues. In a fourth quarter update, the company also said the ‘continued excessive use’ of legacy gas-fired power stations was […]
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13 Dec 2023 2 min read
The infrastructure trust with narrowing discounts
by Val Cipriani, Investors’ Chronicle, December 13, 2023: Infrastructure trusts have seen their average discounts to net asset value (NAV) narrow in the past month, as the decline of government bond yields brought some good news for the sector. But not all the trusts recovered to the same degree, overall discounts remain wide and the […]
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16 Jan 2023 1 min read
Investment trust insider on running last year’s winners
James Carthew: Some 2022 winners are worth holding onto this year I’m uneasy about the resilience of the recent stock market rally. Despite this, I think a few of last year’s big gainers could do well again in 2023. Against a difficult backdrop, only about a third of investment companies generated a positive share price […]
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05 Dec 2022 1 min read
Clearer picture, calmer nerves for renewables?
James Carthew of QuotedData for Investment Week, 5 December 2022: Shifting sentiment has led to a widening of discounts to net asset value across many parts of the investment companies’ industry. One of the more unexpected deratings has occurred within the renewable energy infrastructure sector, despite two thirds of these funds generating double-digit NAV returns […]
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15 Nov 2021 2 min read
The alternative trusts allowing investors to capture new trends
Investment trusts enjoy record year for fundraising as they back a new wave of innovation November 11, 2021, Investors Chronicle, By Mary McDougall Investment trust fundraising amounted to £11.4bn in the first 10 months of the year, a record for the ancient fund structure which is now financing a new wave of innovation. Most striking is the […]
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1 min read
Renewable energy fuels new wave of investment trusts
Mary McDougall NOVEMBER 11 2021 Investment trusts focused on infrastructure, particularly those involved in renewable energy projects, have boomed this year as income-hungry investors and those wishing to back the energy transition have flocked to participate in record numbers of share issues. There is little sign of this momentum losing pace. One energy efficiency trust, […]
